Accounting · Rectification of Errors
The process of correcting an error that has been detected after the Trial Balance has been drawn up, but before the preparation of Final Accounts, and which affects only one account is typically completed by:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Passing a journal entry debiting/crediting the correct account and crediting/debiting the Suspense Account.✓
- 2Passing a journal entry debiting/crediting the correct account and crediting/debiting the Profit and Loss Account.
- 3Passing a rectifying journal entry involving the two wrongly affected accounts.
- 4Making a direct entry in the wrong account without a corresponding entry, followed by an explanatory note.
Correct answer
Passing a journal entry debiting/crediting the correct account and crediting/debiting the Suspense Account.
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